HK Stock Connect Insight | JS GLOBAL LIFESTYLE (01691.HK) Rebounds Over 13% Since Removal; Controlling Shareholder Plans to Pledge 52.87% Stake on October 16

On October 21, 2026, JS GLOBAL LIFESTYLE traded in a narrow range before retreating, and was quoted at HKD 1.765 as of 13:47, down 1.67%, with a turnover of about HKD 207,000 and a market capitalisation of about HKD 6.133 billion based on the latest price.

According to the data, JS GLOBAL LIFESTYLE's share price over the past week (October 14 to October 21) extended its rebound before a slight pullback. The stock touched an intraday high of HKD 1.805 on October 16, the highest level since September 30.

Over a longer horizon, JS GLOBAL LIFESTYLE rose about 10.7% in the past month and about 27.0% in the past three months, and fell about 9.5% over the past 52 weeks. The share price has continued to fall since its 2019 listing, and the current market capitalisation remains above the HKD 4 billion removal threshold for small-cap Stock Connect eligible securities; the exclusion resulted from the regular review of the Hang Seng Composite Index, and Hang Seng Indexes Company did not state a specific reason.

On September 7, the adjustment of the Hang Seng Composite Index took effect, and JS GLOBAL LIFESTYLE (01691.HK) was removed from the index, and was accordingly removed from Stock Connect. From the effective date, mainland Stock Connect investors can only sell, and cannot newly open buy positions.

It is understood that JS Global Lifestyle Company Limited listed on the Main Board of HKEX on December 18, 2019 at an offer price of HKD 5.20, as a direct listing on the HKEX Main Board. On February 21, 2020, Hang Seng Indexes Company announced the results of its semi-annual review as at December 31, 2019, and the company was included in the Hang Seng Composite Index, and was added to Stock Connect from March 9, 2020. The issued shares are about 3.475 billion (as at October 21, 2026).

In terms of the share price's historical trajectory, the company was added to Stock Connect on March 9, 2020, closing at HKD 5.080 on the day. As the kitchen small appliance industry thereafter entered a stage of stock competition, the share price continued to fall; during its time as a Stock Connect eligible security, the share price dropped from HKD 5.080 to the current HKD 1.765, a cumulative decline of 65.3%, and a cumulative decline of 66.1% from the offer price of HKD 5.20.

It is worth noting that on October 16, 2026, the company issued an inside information announcement that controlling shareholder JS&W Global Holding Limited Partnership entered into a memorandum of understanding on that day with a lender independent of the company and its connected persons, under which the lender intends to provide JS&W Global with a term loan facility of USD 200 million, and before the loan is drawn down, JS&W Global will enter into a share pledge, pledging part of its holdings in the company as collateral for the loan. JS&W Global directly holds 1,836,844,233 shares in the company, representing about 52.87% of the total issued share capital. The announcement stated that the pledge is not used to secure the company's debts or the company's guarantees, and does not fall within the scope of Rule 13.17 of the Listing Rules; the loan and the pledge will not affect JS&W Global's position as controlling shareholder, nor the normal operation of the company and its subsidiaries.

Public information shows that the main business of JS GLOBAL LIFESTYLE is the design, manufacture and sale of innovative small appliances, operating through two segments, the Joyoung segment and the SharkNinja Asia-Pacific segment: the Joyoung segment operates kitchen and cleaning appliances under the "Joyoung" brand, while the SharkNinja Asia-Pacific segment covers cleaning appliances, kitchen appliances and personal care under the "Shark" and "Ninja" brands. In the first half of 2026, the Joyoung brand recorded revenue of about USD 463.2 million from third-party customers, accounting for 65.1% of total third-party sales; the Shark and Ninja brands recorded about USD 130.1 million and USD 118.0 million, accounting for 18.3% and 16.6% respectively.

In the first half of 2026, the company's revenue was USD 741.2 million, down 4.3% year on year; gross profit was USD 229.3 million, down 7.7%, with a gross margin of 30.9%, down 1.2 percentage points year on year. Operating quality improved structurally: profit attributable to owners of the parent was USD 9.419 million, a year-on-year turnaround; selling and distribution expenses were USD 164.3 million, broadly flat year on year; administrative expenses were USD 83.0 million, down 37.8% year on year. Adjusted net profit was USD 14.8 million, up about 9.6% year on year. For the full year 2025, revenue was USD 1.6596 billion, up 4.1% year on year, and net loss attributable to owners of the parent was USD 24.15 million.

In overseas business, the SharkNinja Asia-Pacific segment maintained growth in the Australian and New Zealand markets and accelerated its expansion into emerging markets such as India. On the cash reserve front, as at June 30, 2026, the company held cash of about HKD 3.431 billion, with a current ratio of about 1.5 times, in a net cash position.

In terms of products and business developments, JS GLOBAL LIFESTYLE's Ninja brand revenue rose 35.2% year on year in the first half of 2026, driven mainly by cooking appliances such as air fryers and coffee machines; the SharkNinja Asia-Pacific business maintained growth in the Australian and New Zealand markets and accelerated expansion into emerging markets such as India; the Shark brand is advancing the transformation of its cordless vacuum business in Japan.

According to the HKEx disclosure of interests platform, the 52.87% stake held by controlling shareholder JS&W Global is held by Trident Trust Company (HK) Limited as trustee; the 2,381,078,381 shares (68.53%) declared by WANG Xuning and HAN Run are held by TMF Trust (HK) Limited through platforms including CJWANG Family Global Limited. The name of the trust and the scope of beneficiaries have not been disclosed.

China Renaissance Securities noted in a research report that the SharkNinja Asia-Pacific business is expected to continue rapid expansion in the second half of the year, with full-year 2026 growth of about 22% and its share of company revenue rising to 39.4%; the Korean channel's transition to direct sales has been completed and full-year revenue is expected to return to positive growth; the Joyoung segment will focus on building hits in small, refined categories in the second half, though the actual effect remains to be observed.